According to coinmarketcap.com, DOGE has experienced a rise of 27% in less than 24 hours.
Following some much-enjoyed popularity and even cult status, DOGE’s fortunes took a turn for the worse earlier this year and remained on a downward trend. Most recently, the threat of a 51% attack caused mining rewards to diminish rapidly, with the resulting concern over network stability making the outlook and price even bleaker.
Prior to this, Dogecoin had been the subject of constant beration on digital currency forums, with general sentiment being that the coin’s time had come and gone, destined to remain at best a novelty and at worst a joke.
How things can change in crypto. A few smart developmental decisions and DOGE’s fortunes look set to be reversed, at least in the short term.
The announcement of the implementation of merged mining with Litecoin, which CoinTelegraph reported on several weeks ago, is just one element involved in propping up the coin’s value, however. The announcement of the release of a new client came almost immediately afterwards, prompting speculative investors to announce their intention to buy prior to the launch next month.
Renewed confidence also showed this month that the allure of the DOGE cult is still potent. “We’re not just going to there and say, ‘Doge is love’” Cameron Gray of cryptospace decentral.bangtown told CoinDesk last week, referring to his mission to bring Dogecoin to the masses at this year’s Burning Man festival. “…How it connects with open source, how it connects with radical inclusiveness, how it connects with justice, transparency, openness. Yeah.”
As the fervor has been swelling, what has been surprising is just how rapidly Dogecoin has become back in favor. Its market cap, previously dwindling at around US$10million, has lurched to around US$13.5million within a day.
As ForexMinute reports, this could also have been the combined result of the announcements by developers of payment processor GoCoin, which is due to expand its services for Dogecoin, Litecoin and Bitcoin to over 1000 international businesses.
Add to that the news that BTCTrip has facilitated using Dogecoin for its online flight and hotel bookings and it is clear that support for the underdog is certainly being maintained at both consumer and corporate level. The question on everybody’s lips now, however, is simple: will it last?